I came across a great article by Christy Murdock Edgar at Inman News recently which I think is a great read for us all. In part, she says:
It’s important to think ahead to the end of the lockdown and consider how the real estate market may look and what unexpected changes may be coming up.
Preparation is key. How can you be ready to take advantage of these growth opportunities when and if they present themselves?
Look at certifications, designations and additional training: Short Sales and Foreclosure Resource (SFR), Senior Real Estate Specialist (SRES) and Broker Price Opinion Resource (BPOR) training may all be valuable in the next market movement.
Pivot your marketing: You might need to consider alter your marketing to meet the needs of new segments, whether through changes to your existing farming strategies, messaging or platforms. Don’t wait until quarantines are lifted to start talking. You should already be creating content and reaching out to your sphere, fans and followers.
Reach out to everyone: Actively reach out to friends, family and former clients, and really listen.
Find out what’s not working: Consider the holes in your current team and your current approach. You may need to develop more resources for alternative financing solutions, especially if you want to expand your work with investors or help buyers whose credit was affected by the economic downturn.
Learn your market: This is a good time to study your market for homes with in-law and au pair suites, carriage houses, pool houses and other private spaces. These may be highly prized in the event that multi-generational homes become the new norm.
Look at rentals: Many agents no longer work with rentals, but they can be a good source of cash flow.
Prepare budgets for updates and upgrades: If you have a trusted contractor, work with him or her to come up with some ballpark figures of popular updates and upgrades so that you are ready to give your buyers ideas — and budgets — to work with.
While no one can predict exactly how life will change long term, everyone feels that change is in the air. How those changes will manifest themselves is uncertain. Now, more than ever, it’s up to us to have the conversations that matter most and help our clients consider their needs and their options.